Hi all, my partner and I are looking to sell our current property and move to a bigger house. We both jointly own the house we currently live in but she has some defaults on her credit report which have occured over the past couple of years. (All are sorted now but still left a mark on file) we have spoken to a mortgage advisor and have said it’s possible to get a mortgage but as expected at a horrific interest rate (6.9%). Another option we have been looking at is for myself to ‘solely’ purchase the new house and have the mortgage under myself thous getting the ‘best mortgage rate’ (mortgage advisor has offered me best rate currently if went by myself). If I was to add my partner into the deeds and onto the mortgage in a couple of years time, Will we be liable to pay stamp duty again? looking at Hmrc website I think we would be liable to pay for only the portion of the mortgage which my partner will be taking on? (50% of mortgage).
the house we want to purchase is 400k and will be taking out a 260k mortgage. So if I am reading it right if I add my partner to the deeds and when we remortgage in a couple of years we will have to pay stamp duty on half of the mortgage (130k) thous only paying 2% stamp duty on 5k? Hope this all makes sense I just want to be assured a I’m reading this right!
thanks